MCX Gold is likely to trade with sideways to positive bias during today`s trading session. Support is at Rs.58700 - 58600 levels - Monarch Networth Capital
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CURRENCY TECHNICAL OUTLOOK
* The USD/INR futures pair has support at 82.80 levels whereas resistance is placed at 83.20 levels. The pair is expected to range bound until either side level is breached
* The EUR/INR futures pair has support at 88.80 levels whereas resistance is placed at 89.20 levels. The pair is expected to find support at lower level and trade firm above 89.20 level up to 89.30 and 89.40 levels
* The GBP/INR futures pair has support at 103.40 levels whereas resistance is placed at 103.80 levels. The pair is expected to find support at lower level and trade firm above 103.80 level up to 103.90 and 104.00 levels
* The JPY/INR futures pair has support at 56.30 levels whereas resistance is placed at 56.70 levels. The pair is expected to find support at lower level and trade firm above 56.70 level up to 56.80 and 56.90 levels
CHART OF THE DAY JPYINR (DAILY CHART)
Strategy: Intraday
* JPYINR pair traded with negative bias in the last trading session; but prices are trading above upward trend line.
* The pair is likely to trade with positive bias and any pullback near immediate support of 56.30 level should be taken as buying opportunity targeting 56.70 –56.80 levels on higher side
* For Intraday session, it has support at 56.30 – 56.20 levels whereas resistance is placed at 56.70 – 56.80 levels
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